Tune Protect Launches New Accessible Protection Plans For SME and MSME Employees

As a significant contributor that constitutes 99% of total businesses in Malaysia’s economy, the poor uptake of insurance among SMEs and MSMEs for employee benefits and natural disasters is an alarming issue. Employee benefits play a crucial role in enhancing staff well-being, retention, and productivity while businesses face the risk of significant losses due to natural disasters. Moreover, the medical inflation rate in Malaysia was 12% in 2022, which is six times higher than the annual general inflation rate and is expected to increase to 15% this year.

In view, of this Tune Protect Group has launched new innovative solutions for SME and MSMEs aimed to close the protection gap and make insurance more accessible to SMEs and MSMEs in Malaysia. The innovative digital solutions are the first in the market online employee health and life insurance by Tune Protect Life and Tune Protect Malaysia.

To address this critical gap in SME and MSME protection, Tune Protect unveiled a comprehensive digital proposition tailored to the needs of this underserved segment through its subsidiaries, TPL and TPM. By providing a simplified and seamless insurance journey, the digital-led initiatives aim to overcome common barriers such as affordability, complexity, and limited access, making it easier for MSMEs to explore insurance products to safeguard the wellbeing of their businesses and employees.

Commenting on the new solutions, Rohit Nambiar, Group Chief Executive Officer of Tune Protect said, “It is unfortunate to see that despite being a vital part of the economy, contributing 37.4% to the GDP in 2021 6, SMEs remain largely uninsured or underinsured. This protection gap exposes them to significant risks and vulnerabilities. Hence why, we as a digital insurer, are taking proactive steps to address the insurance needs of MSMEs, leveraging our digital-first approach. Everyone
deserves to be protected. .”

Business owners have the flexibility to purchase Life or Medical/Health insurance or both, for their employees directly on a business-to-consumer channel. This offering allows them to plan their budget ahead, with a unique value proposition of three years fixed premium guarantee, which means business owners need only pay the same amount every year for three
years. Incorporated with the insurance is a health/wellness-based rewards program called Activ8, which aims to improve employees’ health, well-being and productivity through annual health screening and digital coaching programs. Business owners are able to purchase the SME EZY product and plan of their choice directly, up to 10% rebate.

Koot Chiew Ling (“Chiew Ling”), Principal Officer of Tune Protect Life. “With the introduction of SME EZY on the B2C channel, business owners can manage and plan their budget ahead, easily access the insurance, prioritise the health of their employees within an affordable budget, and create a supportive environment for employee well-being in the long
run.

As for TPM, the unit introduces a user-friendly homegrown SME Microsite, a one-stop platform for business owners and small businesses to obtain customised insurance solutions. The microsite offers easy access to information, enabling MSMEs to make informed decisions about their coverage needs. It also provides a marketplace for MSMEs, offering profession-based insurance bundles such as Business Shield with a 15% platform-exclusive premium rebates and connecting them
with partners’ offerings.

Aligned with its 3:3:3 customer promise, Tune Protect assures a quick quote within three minutes, a three-hour response time and claims pay-out within three days upon approval, thanks to the digital nature of the initiatives.

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